Cathie Wood’s ARKW Next Generation Internet ETF has made a series of purchases in Coinbase Global Inc. shares over the past two months and has held a position in Grayscale Bitcoin Trust (GBTC). According to daily updates on cathiesark.com, ARKW Holdings has added more than 112,000 Coinbase shares since November 9, 2022.
The last Coinbase stock purchase occurred on January 5, 2023, in the amount of 27.83K shares. However, ARKW Holdings had dumped more than 174,000 Coinbase shares on July 26, a time when Bitcoin was at its lowest point around $15,500.
On the other hand, ARKW Holdings bought GBTC shares twice in 2022 in mid-November. Notably, ARKW purchased a total of 450,000 GBTC shares in November last year, and the previous one on July 20, 2021.
According to Cathie Wood, her investment company is closely monitoring the FTX implosion that has spilled over into DCG via Genesis Trading. Digital Currency Group is the parent company of Grayscale, Genesis Trading, and Coindesk, among others.
In particular, the United States Securities and Exchange Commission (SEC) filed charges against Genesis Global Capital LLC and Gemini Trust Company LLC for offering and selling unregistered securities to retail investors through the Gemini’s Earn product.
“This crisis raises some perplexing questions. Instead of Coinbase’s unreleased Lend, why didn’t the SEC target Earn, the product Gemini had already launched that could have protected 340,000 investors from losses of up to $900 million? Perhaps more importantly, why didn’t his legal counsel recommend that Gemini withdraw Earn in response to Coinbase’s Wells Loan Notice? ”, Ark Invest noted in a recent post.
Notably, Grayscales GBTC is trading at 40 percent below the value of Bitcoin according to data provided by ycharts. According to our latest cryptocurrency price oracles, Bitcoin is trading around $23,000 on Monday.
This post Cathie Wood’s ARKW Holdings Bullish on Coinbase But Hawkish on Grayscale GBTC
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